Blockchain. You’ve probably heard the term. You may not have known that it could alter revenue cycle management in healthcare to the core. The CEO of IBM has already said that Blockchain will do for transactions what the internet did for communications. If you know Blockchain is important, but are unsure why, you are in the right place! As a primer, here’s a video about Blockchain created by the World Economic Forum that may help you understand it a little better.

Can Blockchain Technology Revolutionize Healthcare?

Blockchain is often confused with bitcoin. Basically it is the technology that makes bitcoin work. It is a secure, shared ledger in which bitcoin transactions are recorded chronologically and publically. But it doesn’t just have to be used for bitcoin.

Blockchain technology could revolutionize healthcare by providing a new and more secure approach to data exchange, simplifying the current payment process, which could have a big impact in revenue cycle management by reducing the time and effort of claims processing.

Blockchain could simplify the current payment process, which is laborious and full of moving parts. First the claim is submitted. Then the remittance in the form of an 835 comes back. The payer makes a payment through their bank, and it eventually ends up in the provider’s account. Though it’s unlikely that healthcare providers will jump at the opportunity to switch to bitcoin, something analogous to bitcoin may indeed take hold.

Beyond revenue cycle management, Blockchain could also be used to create and maintain better personal health records. Though patient health portals have gained some steam by allowing patients more access and control over their records, most aren’t using the tools put at their disposal. For some it is too complicated, and for others they simply don’t have the time. Blockchain could improve this state of affairs. At its heart, it is a system for organizing data. It could be used to synthesize different fragments of data from different providers more efficiently, which should improve patient outcomes.

To learn more about Blockchain technology in healthcare, check out this article, courtesy of Healthcare Finance News.

Clinical Expertise Meets Proprietary Technology

MedCom Solutions combines years of clinical experience with proprietary technology to help healthcare facilities revamp and improve their Chargemaster, Pricing and Compliance solutions. Whether your facility needs tools and guidance to improve your revenue cycle management, charge capture systems, or charge code validity, look no further than MedCom Solutions.